A transaction reward system

Abstract

The present disclosure provides a transaction reward system comprising a reward and transaction processor system. The transaction reward system further comprises a reward interface for receiving reward redemption information from a purchaser and communicating the reward redemption information to the reward and transaction processor system. In addition, the transaction reward system comprises a transaction interface for receiving information concerning a purchase from a retail processor associated with a retailer. The transaction reward system is arranged such that the purchaser can select at least a portion of an available reward for a purchase and the reward and transaction processor system is arranged to offset the selected reward against a cost of the purchase in accordance with the reward redemption information.

Description

technical field [0001] The present invention broadly relates to a transaction reward system. Background technique [0002] figure 1 A conventional system 10 for processing payment card transactions is shown. Bank 12 may issue payment cards 14 to customers 16, such as credit, debit, or prepaid cards. The customer may then use the payment card 14 to pay at a point of purchase, such as a retailer's retail payment terminal 18 . In this example, Bank 12 is acting as the issuing bank. [0003] In order for a retailer to accept payment cards 14, the retailer must have a payment service agreement with the bank. In this example, the retailer has a payment services agreement with the bank 12 . The retail payment terminal 18 is provided by the bank 12 to the retailer, and the retail payment terminal 18 is connectable to the acquiring system 20 of the bank 12 . In this example, Bank 12 is acting as the acquiring bank. [0004] If the issuing bank and the acquiring bank are the sa...

AI Technical Summary

Problems solved by technology

This modification of retail payment terminal software is expensive

[0009] Additionally, this modification is particularly challenging for issuing banks that want to implement instant rewards to customers at retail payment terminals that are not offered by the issuing bank

In this case, the retail payment terminal belongs to the retailer or a third-party acquiring bank, so the issuing bank cannot modify the retail payment terminal software of these terminals

As a result, this limits the issuing bank to offering instant rewards offers to customers only at retailers whose issuing bank is also the acquiring bank

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